Chart of Accounts

The Chart of Accounts tab is where you tell iPoint how to push transactions utilizing your QuickBooks financial accounts. This process is typically completed during the initial setup of iPoint. But sometimes, you will make modifications to your Chart of Accounts in QuickBooks. This screen is where you would pull the QB changes into iPoint.

Get Chart of Accounts

iPoint needs to reference your QuickBooks financial chart of accounts to process transactions correctly. iPoint stores those account numbers here.

1. Ensure that your QuickBooks Desktop file is open and you are logged in as a user with adequate QuickBooks permissions to access the chart of accounts.
2. Push the blue Pull Chart of Accounts button. iPoint will sync your existing QuickBooks Chart of Accounts into the software. Once the list below the Pull Chart of Accounts button is populated, you know the sync process is complete.
   

*The Get Chart of Accounts button also pulls Payment Methods, Payment Terms, Employees, Customer Types, Job Types, Sales Reps, Unit of Measure, and Wage Items from the QuickBooks Desktop. Companies utilizing QuickBooks Online will find that the Pull Chart of Accounts button only pulls Chart of Accounts, Employees, Payment Methods, and Payment Terms.

Link to GL Accounts

The majority of the transactions in iPoint send financial details to QuickBooks through the account information on an Item (set up in the Items module). However, iPoint will refer to the default accounts set up here in settings if account information is missing. Under each Default account section, use the dropdown to find the corresponding QuickBooks account name.

• Default COGS Account – you may have multiple Cost Of Goods Sold accounts. Enter the primary or default account here.
• Default Income Account – choose an income account to set as the default
• Default Labor Income Account – select the account where you want labor items’ income to sync. Labor Items are marked as an inventory type of Labor.
• Default AR Account (Desktop Only) – set the default Accounts Receivable account to track the money your customers owe you.
• Deferred Revenue AR Account (Desktop Only) – if you are using the Deferred Revenue Liability accounting method, you have an option to record Deferred Revenue accounts receivable in a separate account from the default A/R for service and point of sale transactions. To use this different account, choose the default account here.
  • Note: This feature only works for companies using QuickBooks Desktop. QuickBooks Online does not support multiple A/R accounts.
• Default Deposit To Account – enter the GL account where QuickBooks will track your deposits
• Delivery Deposit To Account – this option ties deposits paid against delivery invoices and places them in a different account from the Default Deposit To Account defined above. This option is a seldom-used setting for companies that are not using Deferred Revenue billing and can be ignored by most companies. We recommend using Deferred Revenue billing instead of this option.
• Default Inventory Asset Account – select which account in QuickBooks tracks the asset value of your inventory

Modifier Items from iPoint Library

As mentioned above, financial details are synced to QuickBooks using the accounts set up on an item. This section helps determine account information for the Modifiers found in a Proposal. Modifiers adjust the total of a proposal by adding or subtracting a multiplier displayed below the subtotal on the customer’s proposal. We’ll talk more about each modifier in the Proposal portion of this manual. If you use a modifier, you must create an item corresponding with each modifier. You can choose to use the same item for each modifier, or you can create unique items for each modifier.

This setup process adjusts the default accounting information synced to QuickBooks. To set up the default percentages and print options for each modifier, go to Settings > Module Settings > Proposals > Modifier Defaults.

!Keep in mind that if a proposal has a percentage amount in one of the modifier fields, but no Items have been set up here in settings, the value of that modifier will not push to QuickBooks, and the value of your QuickBooks invoice and the iPoint invoice will not match. So it is advisable to fill each modifier default here in settings.

• Global Modifier 1 Item & Global Modifier 2 Item These modifiers are calculated based on the total price of the Proposal/Sales Order. Create one or two items that correspond with your modifier selection, and then select the Item in the dropdown list for each modifier.
• Misc Parts Income Item, Project Management Item, Custom Modifier 1 Item, and Custom Modifier 2 Item You can set these modifiers to calculate based on the parts total, the labor total, or both by selecting checkboxes on the proposal. Again, you will want to create items in the Items module to correspond with these modifiers. You can create four different items or use an item for more than one modifier.
• Discount Item 1 and Discount Item 2 Discount modifiers work just like the modifier above except that they reduce the total price of the proposal by a percentage of the parts, labor, or both. Create discount items in the Items module to correspond with the discounts you offer your customers.
• Summary When creating an invoice in the Sales Order > Billing (tab), you have the option to print a Line Item invoice detailing every item and associated labor. Or, you can create a summary invoice that prints the name of the Sales Order and the name of the progress payment on a single line. When you process a line item invoice, iPoint will push multiple account numbers to QuickBooks based on the accounts associated with each item and labor line. On the other hand, a summary invoice pushes one dollar value to one QB General Ledger account, so you have to tell iPoint what those accounts are. Set up a “summary” item in the Items module and then choose that item here to indicate the GL account used. The Summary item should be a Non-Inventory type.
  • Note: The Summary modifier is only available if you are using Line Item/Summary billing as defined in Settings > Proposal > Accounting.

If your company uses the advanced Deferred Revenue billing process, you will not have a Summary item as listed above. Instead, you will have separate item(s) that need to be created.

Deferred Revenue-Liability

If your company uses the Deferred Revenue-Liability accounting method, the summary item defined above will be replaced with a Request for Payment field. Choose the RFP item you created as directed here.

Deferred Revenue-A/R

If your company uses the Deferred Revenue-Accounts Receivable accounting method, the summary field will be replaced by two fields.

• Request for Payment – choose the RFP item you created as directed here.
• PMT – choose the payment or PMT item you created as directed here.
  

Taxes & Other Settings

• iPoint needs to know the QuickBooks settings for taxable and non-taxable transactions. From the dropdown list, select the appropriate taxable/non-taxable codes. If your dropdown lists are blank, you will need to sync the tax codes from QB, which is detailed in Settings > QuickBooks > Lists.
• Canada companies will need to track taxes based on Purchase Order transactions. In this list, choose the QuickBooks tax rate that corresponds to the tax rate you pay on purchases.

• Disable Open Prompts – When pushing a customer, vendor, invoice, or purchase order to QuickBooks, iPoint will allow you to look at the transaction created in QuickBooks. If you do not want to be prompted to look at the corresponding QuickBooks record, check this option to repress the dialogue box.

• Rounding Adjustment Item – In some instances, you will find that your iPoint invoice, when pushed to QuickBooks, is off by a penny, and the two invoices don’t match. This variance is usually due to complex modifiers. For example, when a sales order has numerous modifiers, the result could be a penny off when pushed to QB. iPoint will round the end amount back to the appropriate dollar amount to offset that variance. In the Rounding Adjustment Item field, enter the name of an item you set up in the Items module. iPoint will utilize the accounting information on the item to push the penny adjustment to QuickBooks.
  • The Rounding Adjustment Item is set up in the Items module and should have the following characteristics:
    • Hard Cost = $0.00
    • Unit Price = $0.00
    • Inventory Type = “Other Charge”
    • Tax = UNCHECKED. This item should not be taxable.
    • QuickBooks Income Account = your standard sales account.

• Optional Summary Item for Non-RFP – The income accounts for RFP invoices can be different from Summary invoices. So, we have an optional Summary item available when individual sales orders are marked “Do Not Use Deferred Revenue.” If this option is left blank, a Non-RFP invoice will default use the RFP summary item.

• Optional RFP Item for Non-Liability – The income accounts for RFP L invoices can be different from those that do not use Liability. This can happen when you start your iPoint file using RFP-A/R and switch to Liability. It is available when individual sales orders are marked “Use Deferrered Revenue WITHOUT Liability.”

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